JIASHAN, China (
, a solar products manufacturer, reported that it swung to a loss in the second quarter.
Following the announcement, the company's American Depositary Shares were losing 24 cents, or more than 4%, at $5.41 following the announcement.
In a press release on Wednesday, ReneSola said its net loss came to $3.6 million, or 3 cents per share. The loss per ADS landed at 5 cents. In the year-earlier quarter, the company reported a net income of $23.3 million, or 19 cents per share.
Sales plunged 52% to $82.6 million during the second-quarter. In the year-ago period, ReneSola's revenues totaled $173 million. Gross margins also slumped from 24.7% a year ago to 5.1% in the most recent quarter.
Still, looking ahead, ReneSola said it expected to see a sequential revenue jump of 60% to 70% in the third quarter.
According to Thomson Reuters, average second-quarter estimates centered on the company losing 6 cents a share along with revenue totaling $90.2 million.
ADS's plunged following reports of a
wider second-quarter loss. JA Solar ADS's were losing 63 cents, or 12%, at $4.62.
Other solar stocks were mixed in the early going.
was losing 35 cents at $146.18.
( SPWRA) was down $1.07, or 3.6%, at $29.04 in the morning.
were tracking in positive territory, with each gaining 1.4% and 0.6% each.
, which will report its earnings after the market close today, was also up 5 cents, or 0.5%, at $11.09.
-- Reported by Sung Moss in New York
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